17 Feb 2015
GBP/USD heads towards session lows, UK CPI eyed
FXStreet (Mumbai) - GBP/USD traded almost unchanged in the early European morning, reversing earlier gains as markets now await UK inflation print due for released later in the session.
GBP/USD slips from 1.5380 levels
The GBP/USD pair trades flat at 1.5356 levels, inching towards day’s low previously posted at 1.5351 levels. GBP/USD traded flat in the European morning, erasing overnight losses, ahead of UK CPI data which is expected to remain on a downward path, with January CPI data set to hit a record low of a 0.4% increase y/y, while the index is expected to decline 0.8% from December. Today’s inflation print is unlikely to change Bank of England’s (BOE) future course of policy stance.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5425 levels. On the flip side, support is seen at 1.5335 below which it could extend losses to sub 1.5300 levels.
GBP/USD slips from 1.5380 levels
The GBP/USD pair trades flat at 1.5356 levels, inching towards day’s low previously posted at 1.5351 levels. GBP/USD traded flat in the European morning, erasing overnight losses, ahead of UK CPI data which is expected to remain on a downward path, with January CPI data set to hit a record low of a 0.4% increase y/y, while the index is expected to decline 0.8% from December. Today’s inflation print is unlikely to change Bank of England’s (BOE) future course of policy stance.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5425 levels. On the flip side, support is seen at 1.5335 below which it could extend losses to sub 1.5300 levels.